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The Agency Loan is a nonrecourse obligation of the Borrower. Neither Borrower, nor any <br />member, partner, officer, director, employee, agent or representative of Borrower, nor any other <br />person or entity shall have any personal liability for repayment of the Agency Loan or for any <br />other amounts under any of the documentation evidencing, securing or describing the Agency <br />Loan. The sole recourse of Agency under this Note and the Deed of Trust for repayment of the <br />Agency Loan and for such other amounts arising therefrom shall be the exercise of its rights against <br />the Property and related security thereunder. <br /> <br />18. Subordination. <br /> <br />It is hereby expressly agreed and acknowledged by Borrower and Agency that the Deed of <br />Trust is a subordinate deed of trust, and that this Note is subject and subordinate to any Senior <br />Loan Documents. <br /> <br />19. Notice of Default. <br /> <br /> a. Subject to the applicable cure periods set forth in section 12, and subject to the further <br />provisions of this section 19, failure or delay by the Borrower to perform any term or provision of <br />this Note constitutes a default under this Note. The Borrower must commence to cure, correct, or <br />remedy such failure or delay and shall complete such cure, correction or remedy with reasonable <br />diligence. <br /> <br /> b. The Agency shall give written notice of default to the Borrower and the Investor <br />Limited Partner (as defined in the Agreement) specifying the default complained of by the Agency. <br />Delay in giving such notice shall not constitute a waiver of any default nor shall it change the time <br />of default. <br /> <br /> c. Except in the case of a monetary event of default, the Borrower shall not be in default <br />so long as it endeavors to complete such cure, correction or remedy with reasonable diligence, <br />provided such cure, correction or remedy is completed within the applicable time period set forth <br />herein after receipt of written notice (or such additional time as may be deemed by the Agency to <br />be reasonably necessary to correct the default). <br /> <br /> d. Any failures or delays by the Agency in asserting any of its rights and remedies as to <br />any default shall not operate as a waiver of any default or of any such rights or remedies. Delays <br />by the Agency in asserting any of its rights and remedies shall not deprive the Agency of its right <br />to institute and maintain any actions or proceedings that it may deem necessary to protect, assert, <br />or enforce any such rights or remedies. <br /> <br /> e. If a monetary event of default occurs under the terms of this Note or the Deed of Trust, <br />prior to exercising any remedies thereunder, Agency shall give Borrower written notice of such <br />default. Borrower shall have a period of ten (10) Business Days after such notice is received within <br />which to cure the default prior to exercise of remedies by Agency under this Note and the Deed of <br />Trust. <br /> <br />EXHIBIT 4